KUALA LUMPUR, Aug 30 — Bursa Malaysia extended last week’s gains to open higher today, supported by continued buying demand in selected heavyweights, as more investors gains confidence due to the easing political tension in the country, dealers said.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 10.33 points to 1,600.49 from Friday’s close of 1,590.16.  

The market bellwether opened 3.03 points better at 1,593.19.

Market breadth was positive with gainers leading losers 286 to 200, while 373 counters were unchanged, 1,387 untraded and 50 others suspended.

Turnover stood at 523.04 million units worth RM210.16 million.

Meanwhile, Malacca Securities Sdn Bhd said the positive sentiment was expected to continue to be supported by Prime Minister Datuk Seri Ismail Sabri Yaakob’s target to achieve a vaccination rate of over 50 per cent for adult population in six states — Perak, Terengganu, Johor, Kedah, Kelantan and Sabah — by the end of September while considering moving the Klang Valley into Phase 2 of the National Recovery Plan.

"The FBM KLCI maintained its winning streak throughout the week, spurred by strong buying interest from foreign funds (positive inflow streak: five days; cumulative net buying: RM964.3 million) amid easing political risk and reopening of business activities,” it said in a research note today.

Nevertheless, it said trading might slow down ahead of the National Day public holiday.

"The oil and gas sector is under the limelight following the increasing crude oil prices. Also, investors may focus on recovery theme play with the smooth vaccination progress.

"Besides, the technology sector may gain traction following the overnight gains in Nasdaq which closed at a record high following the US Federal Reserve’s remarks on its dovish monetary policy,” it added.

Among the market heavyweights, Maybank gained 6.0 sen to RM8.43, Petronas Chemicals and IHH Healthcare went up 10 sen each to RM8.30 and RM6.45, respectively, Tenaga Nasional improved 8.0 sen to RM10.46, and Public Bank was flat at RM4.18.

Of the actives, KNM Group and Green Ocean earned half-a-sen each to 26.5 sen and 3.5 sen, respectively, and Impiana Hotels advanced 1.0 sen to 8.0 sen, but Orion IXL slipped 1.0 sen to 4.5 sen.

On the index board, the FBM Emas Index added 63.80 points to 11,624.33, the FBMT 100 Index was 64.95 points higher at 11,338.33, and the FBM Emas Shariah Index perked 74.66 points to 12,754.02.

The FBM 70 increased 53.81 points to 15,024.15 and the FBM ACE rose 16.77 points to 7,231.64.  

Sector-wise, the Plantation Index added 10.34 points to 6,784.02, while the Financial Services Index gained 58.04 points to 15,544.94 and the Industrial Products and Services Index picked up 1.45 points to 198.01. — Bernama